We Got Funded: Video Content Startup Buzzkito Raises US$1.7 Million From AfricInvest
By Pamella de Leon / Entrepreneur Middle East - Image Credit: MAGNiTT
Stirring up MENA’s video development scene, Morocco-born startup Buzzkito has raised US$1.7 million in a Series A round, from AfricInvest, a Tunisia-based private equity fund managing $1 billion assets and more than 140 portfolio investments. Founded in 2006, the startup was launched by founder and CEO Mehdi Benslim, who noticed the lack of entertainment and engaging content in Morocco. The video content and development startup uses tech, data and psychology, to produce short, engaging and viral videos. This is Buzzkito’s first investment round, and the startup aims to use the funds to expand its operations across GCC and develop unbranded content in the region.
It operates under two distinct business models to create such videos- traditional branded content, wherein Buzzkito acts as a consultant delivering writing and production services, and customized sponsored content wherein Buzzkito doesn’t charge for the content, but enables the brands to sponsor the material at a price set by the business sponsor. To create quick and affordable content, the startup focuses on following key trends of being social, millennial-centric, emotional and mobile, for its content.
Source: entrepreneur.com